The housing crisis in London has been a major topic for a few years now. It can be a struggle for people to afford housing because of property prices and high rents. So, more and more people are turning to their councils for help. Others have to choose Outer London or leave the city entirely. It is a sad situation, and looks even worse considering new data that shows over 85,000 homes were vacant in 2023. We want to look at this today, then if you need help with investment properties in Southwark, you can talk to us.
The figures
Overall, there were 87,763 empty homes in London in 2023. They were all across the city, in the 33 different areas (32 boroughs and the City of London). In total, the valuations would be worth £50b or more.
The worst offender for vacant homes in 2023 according to the data is Southwark. In total there were 5,143 empty homes in 2023. Their values would be approximately £2.77b.
Second on the list is Barnet. The number of vacant properties here last year was 4,614. Their valuations were only marginally behind Southwark at £2.75b.
Camden was third on the list. Across the borough there were 4,320 empty homes. Their total estimate values were among the highest in London at £4.2b. In fact, only Kensington and Chelsea had more money in vacant properties (£4.5b).
The fourth area was Croydon. Here the total was 3,946 empty homes in 2023. The estimate of their value is £1.58b. The value is rising too because of high demand in Outer London.
Finally, rounding out the top five was Newham. There were 3,812 vacant homes in the area last year. The value would be £1.65b. Again these values are rising due to demand.
Solving the problem
As a top expert at managing investment properties in Southwark, we understand the problems vacancies can cause. They are bad for locals who need housing and can be an issue for investors too, particularly if they are struggling to find tenants.
The situation could improve in the near future though. Local councils will have new powers in the future so they can encourage property owners to take action. What they will be able to do is charge higher taxes for any homes that are vacant for longer than a year.
The hope is the council’s new powers will lead to more homes coming on to the market. Particularly, it could result in some owners choosing to take on tenants. It would be a massive boost to supplies if thousands of properties became available.
There could be good news for investors too. Some current owners may choose to sell rather than become landlords. Or, they may not have the funds to improve properties to make them habitable. As a result, a sale may be the best option. In both cases, it could mean more opportunities for any buyers.
Do you want help with investment properties in Southwark?
Finefair Ltd is one of the best experts if you have assets in London or want to buy some. We can provide a full range of services to help. This can include recommendations, management, guaranteed rent, portfolio reviews, and much more. Clients can come to us and get exactly what they need.
So, if you would like any help with investment properties in Southwark and other parts of London, please feel free to contact us. We can cater for any need, creating a bespoke package of services for you.
